UAE promises USD3b aid package to Egypt

06 Jul 2011

(MENAFN) The United Arab Emirates’ state news agency, WAM, stated that the country pledged a USD3 billion aid package to Egypt, reported Times of Oman.

The agency also said that Khalifa bin Zayed Fund would be set up in Egypt to support medium and small projects in the country whose economy declined after the uprisings which took place in it limited tourism and investments.

WAM added that the fund would have the mission of supporting the Egyptian economy by creating new job opportunities for the Egyptian youth.

It is worth noting that Egypt secured a USD3 billion financial package from the International Monetary Fund (IMF). The Egyptian Prime Minister stated that the country would rely on a combination of local market issuances with aid from Arab states to fund its USD22.47 billion budget deficit.

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